Jade Residences

Some of the best, most luxurious and most expensive properties in the world are in South Florida, and the market for those high-end homes is hotter than ever. Buyers from all around the world vie for some of these gorgeous properties, and the recent sales at one of those prime properties, Jade Signature (click here to view the site), is a prime example of that.

Easily one of the most popular condominium complexes in the South Florida area, Jade Signature recently did the unthinkable. They were actually able to produce record sales that outmatched all of the other developments – including other quality luxury developments – in the span of a month. What is it that makes this property so special that they could amass $57 million in sales in a single month? Quite a few things, actually.

First, they have a great team of architects that created a truly high quality building. They also have great designers that make sure everything is perfect. When you look at the building and the units, purely from an aesthetic point of view, it’s actually easy to see how they were able to sell 70% of their units in that time. These units are luxury from top to bottom, and the building amenities help to sweeten the deal even more.

What Does the Building Offer?

The final property will feature high ceilings, floor plans that flow throughout the unit, large terraces and balconies, and beautiful oceanfront views that are simply stunning. You are right on the beach too, which is a huge draw for many buyers. While the units are phenomenal and are certainly reason enough to buy, the amenities in the building help to make it an even better purchase.

Located in beautiful Sunny Isles, the building will feature plenty of amenities that residents will love. They will have a two-story lobby with three grand staircases, a spa, several pools, and a beach grill. The building will also have a state of the art home gym so the residents can stay in great shape for when they head out to the beach. It will feature club rooms, a breakfast room, a library, kid’s room and teen room, lounges, a concierge, doorman, valet, and even guest suites.

Who Buys the Units?

Many of the people who are buying units at Jade Signature do not plan to use them as their primary residence. Instead, they are buying second homes, and they live in other areas of the country, or other areas of the world, most of the time. In fact, individuals from sixteen different nationalities have bought here.

Once you start to examine all of the great things that this 192-unit tower has to offer, it really does become much easier to see how Jade Signature became so popular with buyers here and abroad. It offers an experience to live in the lap of luxury right on the beach. The units really are going quickly though, so buyers who want to get in on the action need to act sooner rather than later.

The times are busy for Fortune International since they’ve broke the ground on one of the last oceanfront parcels in Sunny Isles Beach to construct the fourth high-rise tower – Jade Signature. The new tower will soar 57 stories and will offer 192 residences, all with 10 foot ceilings and ocean views, ranging from 1,378 sq.ft. to 9,183 sq.ft. penthouse. The apartments in the luxury condominium tower will range from $1,950,000 to $28,000,000. The new Jade Signature tower will have the characteristic parallelogram shape, which gives an interesting look and a very modern feel to the structure. The tower also feature units with floor-to-ceiling windows. Each of the units is provided with a 25-foot wide terrace and an ocean view.

Sunny Isles Beach – The New Florida Riviera

Ever since the beginning of Sunny Isles real estate boom era, the developer – Edgardo De Fortuna has had a dream to transform Sunny Isles Beach into the Florida Riviera. For those already familiar with the South Florida real estate market, it’s readily apparent that Sunny Isles Beach and other upscale areas come very close to meeting that goal already. The Jade properties are good examples of some of the most popular types of luxury real estate in South Florida. With amenities that would be at home at a five-star resort, they provide residents with an easy way to enjoy the sunny weather in South Florida, provided with private and valet parking, state-of-the-art security and privacy enhancements for their units and, of course, excellent views of and access to the ocean.

Condominium properties have constituted the majority of property sold in Sunny Isles Beach over the past years. In fact, 375 condominium properties have sold over the last six months, while only seven single-family homes have sold in that same time period, rather revealing the popularity of condominium properties in the area. Condominium properties on the waterfront tend to be, by far, at the highest end of the luxury real estate market. Nonetheless, they have attracted a steady stream of investors, many of whom come from international destinations, adding to Miami’s very diverse population and bringing a vital injection of cash into the local economy.

The average demographic for properties such as any of the Jade towers is well educated, affluent and someone who is looking for a property that affords them excellent views, access to the highest standard of living and, quite often, people who are looking for diverse area to call their home. In recent years, in addition to many new residents from Latin America, South Florida has managed to attract money from Europe, Russia, Italy and France, making it a truly international place in which to live. Combined with new developments such as Jade Signature, the influx of money from around the world promises to bring to Florida a truly vibrant and unique real estate market moving forward into the future.

shows almost all of the units built during the housing boom are full. That’s thanks to renters, who would be priced out if not for all of the cash purchase deals.

Here is the latest article by DOUGLAS HANKS from Miami Herald. You can read it below or click the link to read it at Miami Herald site: http://www.miamiherald.com/2012/03/02/2683428/no-vacancy-in-miamis-condo-canyon.html

canyon is almost full, thanks largely to a steady flow of cash from Latin America.

The latest survey of Miami downtown high-rises built during the housing boom shows more than 90 percent of the condos are occupied. After Latin American investors snapped up condos at distressed prices amid a wave of bankrupt high-rises, they turned to local renters to fill them. Four years into the buying spree, vacant units have almost disappeared.

“I always encourage my clients to bring their checkbook for the first month’s rent,’’ said an agent with downtown Realty who specializes in rental units. “There is a lot more demand than there is supply.”

The study by Miami’s Downtown Development Authority found 93 percent of the nearly 23,000 condominiums built in downtown Miami after 2002 are occupied. Of that, only about a third are occupied by full-time by owners, with the majority serving as rental apartments.

Behind the statistics are a fundamental shift in real estate math allowing for downtown Miami to become one of South Florida’s hottest rental markets.

The boom prices, where top condos were selling for $600 or more a square foot, would require rents too pricey for all but the most affluent residents. Instead, investors who bought then hoped to flip their units for even more money to future buyers.

Even at the sharply discounted $200-a-foot purchase prices in the depths of the housing bust, many of the condos would be too expensive to generate enough rent to cover association fees and mortgages on the units. But with the vast majority of investors paying cash for their downtown condos, they require far less rental revenue each month to make the deals “pencil out” as reasonable investments.

“Traditional financing wouldn’t have made these rentals viable,’’ said Werley, who conducted the study in a partnership with Goodkin Consulting. “If you had a mortgage on a half-million-dollar condo, the monthly costs would be way out of line with any reasonable rent you could generate.”

/Not all condos being rented in Miami’s urban core depend on cash investments, and the DDA study only covers units built during the last decade. Other indicators point to a downtown that is an increasingly popular place to be. The bust didn’t stop a wave of new retail complexes from opening, including the Midtown Miami mall on northern side of downtown and the Mary Brickell Village mall to the south. Restaurant taxes have surged 77 percent within Miami city limits since 2005 compared to a 35 percent gain countywide.

Tyler Tejeda commutes almost an hour each way in order to spend weekends in Miami. The 24-year-old recruiter for a Fort Lauderdale firm moved into a Brickell Avenue apartment in August, despite having a job nearly an hour away. “I could move to Fort Lauderdale if I really wanted to,’’ Tejeda said. “But I’d rather be in Brickell on the weekends. It bothers me less to have to commute on weekdays than have to come down to Miami on the weekends.”

Paul Riemer could afford to buy a condo of his own, but the young insurance executive instead pays upwards of $2,000 a month for a one-bedroom apartment at the Icon Brickell, a posh condo complex on Brickell Avenue.

“I’m not ready to make a big purchase yet,’’ the 23-year-old said. He cites a gap in what he can afford to rent and what he can afford to buy. Why move out of a luxury apartment to purchase his own condo somewhere else with a large mortgage?

“I have the money to comfortably rent,’’ Riemer said. “I don’t know if I’d be able to comfortably buy.”

The 93 percent occupancy rate in the latest DDA condo survey identifies little more than 1,000 vacants units in a condo market that came to symbolize the excess of Florida real estate. And it marks a big improvement over the 65 percent occupancy rate in the first DDA survey taken four years ago — a number that at the time seemed surprisingly high.

That was in 2008, at a time when South Florida real estate sales were just beginning to show a rebound. But prices were heading the other way, accelerating into a decline that has so far last five years, according to the Case-Shiller housing index. At the time, the DDA wasn’t sure it wanted to know how many people were living downtown.

“We were hearing from everybody driving down the road: Hey the condos are empty,’’ said DDA director Alyce Robertson. “You never know what the numbers are going to say. What if they really were all empty?”

With a hot rental market, downtown Miami has become a more expensive place to live. Mark McCann, owner of the Miami Apartment Locators brokerage, said a one-bedroom apartment in the downtown area went for about $1,300 a month several years ago. “Now that’s almost impossible,’’ he said. “Now it’s closer to $1,500 or $1,600. There is a lot of competition for the units. There was more supply before the recession.”

The rental market has helped usher in a new crop of condo projects downtown, a revival many thought might have to wait at least a decade after the big crash. Harvey Hernandez runs the company selling units in Brickell House, a 46-story building planned for 1300 Brickell Bay Drive. His sales staff runs weekly reports on the rental market — statistics that can help close a sale for a $400-per-square-foot unit at Brickell House.

“The rental market influences the buyer a lot. It is a great option,’’ Hernandez said. Miami “has about half the inventory available for rent we had four months ago. And four months ago, it was at least half of what it was four months prior.”

The 3rd largest casino company (Genting Malaysia Berhad) in Asia just purchased 13.9 acres of waterfront land owned by the Miami Herald, for $236 million. The property stretches from Biscayne Boulevard to Biscayne Bay. This landmark deal will reshape the surrounding downtown area, bringing more life and vitality to an already booming portion of the city.

In a public statement, the Herald publisher noted that while their operations have thrived in this area for a number of years, the space was no longer conducive to ongoing operations. The $236 million land/property deal was also in part prompted by The Herald’s need to bolster funds, specifically to address funding needs of the organization’s pension plan, to repay some company debts and to address taxes. The newspaper’s executives have provided additional assurances that this sale will in no way interrupt their normal course of business.

The Genting group estimates the total construction project cost to be between $2-5 billion, which will not only boost the local economy, but will result in the creation of numerous jobs. The current plans for the property include a hotel, retail shopping, high rise Miami residences and a convention center.

“This deal has generated a great deal of excitement within the Miami real estate community, as it is at or near to the highest price paid per acre in Dade history,” said Lana Bell of Sunny Realty. “A deal of this magnitude will create tremendous opportunity for not only local residents and businesses, but for the surrounding property market.”

feel that this deal serves as an endorsement for Miami. Asian developers chose the area not only due to the opportunity and price point, but the potential to draw international and domestic tourists, a strong revenue source for any project of this type.
“Successful real estate transactions such as this merely validate the strength of the South Florida real estate market. While this deal is certainly the largest to come our way in some time, it is surely a sign of what is to follow. South Florida is hungry for Miami luxury residential developments, both for current area renters as well as international visitors,” said Lana Bell, of Sunny Realty.

While the deal has been closed, construction isn’t expected to commence for 2 years, which corresponds to the allotted time frame provided to The Herald for relocation. The newspaper is currently searching for property within the area, although they may divide the printing and publication portions of their organization should the right space not be found to accommodate both.

the Jade Residences Condo most likely comes to mind and if it doesn’t let me educate you. The Jade Condo Brickell was designed by Revuelta Vega Leon, which is responsible for developments such as Bristol Tower, Santa Maria Condo, Porto Vita Aventura, Jade Residences as well as Carbonell Brickell Key, just to name a few. You know when you step into a Revuelta Vega Leon development you are getting the very best of Miami luxury real estate. Let me not digress from the true focus, which is Carbonell the luxury condo development located on Brickell Key. This is kind of an “in the know” development for the simple reason it was not marketed to the public originally but to residence on Brickell Key.

was built in 2005, with 284 units. This was Revuelta Vega Leon subsequent development from Jade Brickell, which was built in 2004. He corrected all the design flaws from Jade, but kept the luxurious feel. If you are looking for a rental in this building then you are out of luck, you wont find one. Owners’ focus is to keep the integrity of the building and they have definitely succeeded.

The location of the building is ideal to be close enough to the action of Brickell but secluded enough to avoid the noise pollution. Also, if you are into fitness you will be hard pressed to find a development with a more complete array of equipment. The fitness center even has two racquetball courts! So this development definitely has the trinity of location, design and amenities. Come see for yourself why Carbonell is one of Miami top luxury condo developments. Also, take advantage of some of the great deals available!